“India has committed a massive theft of people’s property: Steve Forbes on Demonetization

September 7, 2017, 5:39 PM IST

Steve Forbes, the Editor-in-Chief of Forbes magazine sharply attacked Indian government’s demonetisation move stating ‘what they have done to the money is sickening and immoral’.

An article written by Forbes in the magazine labeled the government’s decision as ‘massive theft of people’s property’.

Forbes called the Indian bureaucracy to be ‘notorious’ for corruption. In the article, Forbes has given an overview on how the demonetization move was carried out by the Indian government; about the cash crunch, ATM queues, and the increase in governmental control over lives.

Forbes even went on to compare the decision with former Prime Minister Indira Gandhi’s infamous sterilization program in the 1970’s, calling it Nazi-like eugenics. Forbes wrote: “Not since India’s short-lived forced-sterilization program in the 1970s–this bout of Nazi-like eugenics was instituted to deal with the country’s “overpopulation” has the government engaged in something so immoral.”

Forbes also wrote about how businesses are closing as companies are not able to pay their employees.

Forbes also condemned the excessive rules and taxes imposed by the Indian government, which he says is the reason of the informal operation of a cash-based economy.

“It will happen in a free market one way or the other, but it needs time,” said Forbes on digitization.

“India should get rid of such a complex tax system, which is the main reason for tax evasion. Forbes suggestion for India should slash income and business tax rates and simplify the whole tax structure; make the rupee as powerful as the Swiss franc; hack away at regulations…,” Forbes suggested.

“India is the most extreme and destructive example of the anti-cash fad currently sweeping governments and the economics profession.”

He added that India, apart from immorally harming its own people, has also set a bad example for the rest of the world.